Duff and Phelps will be in possession of final bids for the Rangers tomorrow and soon thereafter will formally select a preferred bidder. Liquidation, what you have known to be inevitable for many months, has now formally been acknowledged as a possibility by each bidder.
Duff and Phelps have enough cash to keep the club operating until the verdict of the big tax case, which is expected this month. If Rangers achieve a substantial victory from the First Tier Tribunal they have a fighting chance of survival. If they incur a substantial loss, The Rangers Football Club established in 1893 and incorporated as a limited company in 1899, will almost certainly cease to exist soon thereafter. All shareholders will lose their rights and notional value. Unsecured creditors will take an enormous bath and the secured creditor will acquire Ibrox and Murray Park.
Craig Whyte is, of course, secured creditor and majority shareholder in Rangers, so although some creditors and shareholders face wipe-out, he will emerge with the stadium, giving him an excellent opportunity to form a new football club.
He also has the burden of a liability to Ticketus, to whom he has underwritten payment for the tickets they purchased last year. So any new club to emerge from this debacle has to be designed by Whyte and Ticketus or acknowledge the rights of both. I am ignoring reports today that Whyte may hand over his shares in Rangers for nothing if it was in the best interests of the club.
With fresh investment capital likely to be at a premium, a deal which excludes ownership of the stadium is likely to generate most for the unsecured creditors. Whyte could retain ownership of the stadium and offer Newco a 99 year lease. This would enable him to receive a suitable return for his year’s work and ensure he has the ability to accommodate Ticketus. It would also allow Duff and Phelps to offer HMRC and other creditors the bulk of whatever cash is on offer from the organisation bidding to run Newco.
It will be interesting to see what the preferred bid looks like but leaving Ibrox with Whyte has an irresistible look to it.
Newco will play in blue jerseys but the differences between it and Rangers will soon become apparent. Income for years ahead will not enable them to employ footballers on the kind of money Rangers have employed for the last 20 years. Even if they are able to acquire Rangers player registrations those on premium money will have to be sold, generating an early cash bonus for the new entity.
If the Blue Knights gain control I expect a reasonably cash neutral forward plan but if an outside investor concludes a deal with Whyte and Ticketus, in particular one who advertise themselves as a joint venture between investment capitalists and a merchant bank, you can expect an onerous return on capital to be extracted from Newco in sunshine or in shadow.
There will be many shadows.
Arguments about which league Newco will play in and an appropriate penalty for any transfer of player registrations, how the SFA punish an insolvent Rangers for Lord Nimmo Smith’s findings, what they do if Duff and Phelps acknowledge void player registrations over many years, or what the SPL do about the same issue remain to be resolved.
To read CQN Magazine go to the dedicated site the graphic below is just an overview.
Thanks to everyone who has bought a hard copy of issue 7. Order your copy for delivery by clicking on the link below for news and views from Celtic supporters.
Pay by card or Paypal.
710 Comments- Pages:
- «
- 1
- ...
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- ...
- 19
- »
AWE NAW 1508
Canny think of anyone down here with that name,though I know a few back home.
OG
Is Whyte sending the emails to Thomo?
The Spirit of Arthur, 15:12
Using his bug like eyes to do so
Raman Bhardwaj @STVRaman Reply Retweet Favorite · Open
Administrators also reveal they have spoken to SFA, SPL and UEFA re consequences of a newco
============================
Maybe the SFA, SPL & UEFA could issue a statement detailing to the rest of us what these consequeneces are! Is it a secret, only to be shared by some secret society, prhaps?
FF hilarious. Jumping with joy at news Blue Knights were getting shares as it broke via BBC and STV. Now that both organisations are back tracking you “cannot believe anything these taigs tell you”
RAYMAC 1510
The original charge for the alleged chant could have been overturned by a first-year law student.
I could have done it myself,ffs,but it suited certain people to have the fans nailed.
“See what happens,ya buncha bad boys?”
Instead of protecting the club’s good name,they decided to burden us with,officially,a worse recent record than the huns.
Aye,Peter,that worked well.
Confused now.
Is the Louden a sausage?
A links course that is nowhere near the sea?
Declan. As in (missing) link?
Or a watering cesspit for orc like demons?
to tell you the truth ,im getting a bit fed uhp with this rangers stuff, i dont give 2 hoots who is going to own them.i just like to talk celtic
What comes after Tragedy? Farce. After Farce? Mirth. After Mirth?
Jelly & Ice Cream.
Afternoon!
any dates yets for games after the split..got a text saying Rangers on 29th April..
Auld Neil Lennon heid @ 14.41
I don’t know whether we can have much faith in UEFA. Their perception is probably that Scotland needs its 2 big clubs. Anyway I don’t think they can do anything unless they are approached by the administrators or until a decision is made in Scotland on the future of RFC(IA).
If the administrators publicly state that they are in talks with SFA, SPL and UEFA, then I believe Celtic should issue an appropriate statement.
The Spirit of Arthur Lee on 3 April, 2012 at 15:12 said:
OG
Is Whyte sending the emails to Thomo?
No he has a direct line with Declan. It turns out Declan is RTC.
He has just been dos attacked on his twat account.
Disnae take long for the hordes on FF tae buckle up their Stormtrooper jackboots again. Wan scrap ah good news n their aff marching to the sound of the big tribal drum…like ants on a pendulum.
coorslad
rocco seems to think it’s 29th also…
DJBEE 1517
Apologies,mate.
It’s a golf course beside Galston in Ayrshire.
Loudoun Gowf Club,est 1909.
Just a wee Ayrshire in-joke-we’re a strange bunch,doncha know!
O.G.Rafferty
Any idea if AT will go after the real villan of the piece, minty.
Or has minty still got the power to scare off the likes of C4 ?
This is a man who has defrauded the taxpayer and football clubs out of hundreds of millions, the more you steal, the less chance of getting caught it seems.
79caps
Duff & Phelps are managing rfcIA they are entitled to speak to SFA, SPL and UEFA.
These three organisations must offer guidance. Expert opinion on what their constitutions are.
Nothing more nothing less.
Hail Hail
Awe Naw
I was thinking along the lines of.
eg Ticketus £40m + Close Bros £10m+other football clubs (D.Utd,Hearts etc) £5m
Then,IF HMRC (excl BTC) are £15m,then HMRC’s % would be less than 25% of the total.
My question is,under such circumstances (IF MY NUMBERS AND ASSUMPTIONS ARE CORRECT) can HMRC still veto a CVA move despite having less then 25%?
This on the basis that they are HMRC and can choose to do so.
Hopefully that is a bit clearer and also that,if neccessary,HMRC will torpedo any chance of it happening
BT,hope so,we thought it would be mid-week,meaning us missing out..is that a bank holiday weekend?
Could we pull an ace out the sleeve this weekend by playing Ibrahim, Geough or Paddy…maybe even give Paul George or Tony Watts a game. The team does look a little jaded. An injection of freshness and a mercurial unknown quantity might work ala Ibrahim?
coorslad..
don’t think so, they took it off us to give us 2 days the following week…
medtim on 3 April, 2012 at 15:23 said:
TicketUs are not creditors at this time.
In case you missed it. “With Or Without You.”
http://www.youtube.com/watch?v=_BP-uvbXskw&feature=youtube_gdata_player
29th would I believe be when the Thai Tims are in Glasgow..
can’t see the SPL allowing the kids to eperiance that mob
that chris mcglaughlins a right twonk aint he.
believes any old tosh hes spoon fed.
im sure journalists used to check what they were being spun before they spouted
O.G. what time is the news on C4 on at? I know there is a 7o clock news, just that you said this afternoon
tigertim
Until recently I was also assured Ticketus weren’t considered creditors (in fact they said so themselves).However,I picked up the notion they were now considered creditors after their court case v. D&P due to a nuance in Scots Law.
Perhaps yourself or others can put me right on this.
bt,getting mines checked,think it is for me,if not I will make it one..
“Steal a little and they throw you in jail..”
“Steal a lot and they make you a king.” (Bob Dylan)
Maybe that’s why Minty’s a smug git…thinks he’s above the law. And the way it is in Scotland these days,maybe he’s on to something…like,”on the square”,”on the level” and other assorted ‘witticisms’ from a ludge near you.
medtim – D&P have the right to make them creditors by ripping up the contract. That decision will be taken likely via a bid condition by whomever gets the dubious honour of being allowed 2 weeks look at their books
I genuinely believe that with the calibre of the people in charge at the SFA/SPl they havent got a clue what to do at the [sweet song?] after all it wasnt so long ago Wiggy was appointed head honcho and hence the recent appearance of Lord Nimmo also.
Its more like a scene from dads army with them all running about shouting “dont panic,dont panic”
coorslad
Im sure the good people off Doire will not be celebration the jubilee, we have been forced to take the folowing week..
THE EXILED TIM, 15:22
It’s an interview with Whyte today. Time for other players later
BobbyRussell, 15:30
Online blog, not a TV piece
As an interesting aside has anyone ever managed to contact the ECA on any matter whatsoever ?
I have tried email, telephone and letter regarding John Mc lelland being such an influential member of their board and I have not had one response in 6 months.
I have never managed to get anyone on the telephone … ever .. in 6ix months
And three letters is sent via traditional mail … not one of them answered
And a very simple question was being asked as well.
Can anyone tell me who represents Celtic at the ECA … maybe they can put me in touch with someone within this organisation that we are a member of.
Interestingly there are only four Scottish members soon to be three
Hail Hail
SoS did you get my email reply amigo?
V
Thanks, O.G. (Or should I say, Alex!!!?)
Awe Naw @ 15.23
Yes, but the crucial point is surely whether they are talking about readmission of a newco. If they say that is the case and we hear nothing from the SFA, SPL and UEFA, then surely Celtic must issue a statement.
BT,we are getting an extra day for it…shes turning out not to bad…